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Politics and Religion

NRA’s financial status finally matches its moral status
Steve_Trevor 364 reads
posted

Bankrupt.

So said New York’s Attorney General.  Great line!
Related Link: https://www.cnn.com/2021/01/15/business/nra-bankruptcy-new-york-texas/index.html

inicky467 reads

They are trying to avoid being broken up by the NYS AG's suit and this lets them use Chapter 11 protection to avoid the suit and move to Texas.
And, yes, they have been morally bankrupt and totally corrupt for a very long time.

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gentleguy10208 reads

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Steve_Trevor13 reads

and avoid a suit in progress by moving away.  If that were possible, everyone would do it. Trump, for example, can’t escape his legal troubles in New York just because he moved to Florida.  

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inicky468 reads

The most salient section:  "The bankruptcy filing likely represents a strategic bid to consolidate pending lawsuits over allegations of mismanagement in one forum, where it may not be required to compensate accusers in full, said John Pottow, a bankruptcy law professor at the University of Michigan.

The bankruptcy process typically allows filers to delay lawsuits against them until they've reorganized their finances and emerged from court.

"That means they're definitely trying to preempt the litigation," Pottow said. "It signals real litigation anxiety. They’re worried they’re going to be sued."

Related Link: The rest of the article

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Steve_Trevor7 reads

The article says “consolidate” and “delay” lawsuits. You said “avoid”.  Much different.  That’s what I was talking about, avoiding the suit. As I said, if filing Chapter 11 and/or moving could get you out of a suit based on past illegal activity, everyone would do it.

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inicky466 reads

So let's see what happens.

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Steve_Trevor16 reads

NY sued the NRA last August. That suit can’t be preempted by the bankruptcy and move to Texas.  Delayed, yes. And maybe additional, potential suits (by members and contributors who were bilked by the NRA, maybe) can be preempted.  

 
One thing the move to Texas could affect is NY’s attempt as part of its suit to dissolve the NRA.  But the demand for monetary damages is still in play, albeit delayed by the Chapter 11.

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inicky469 reads

I think the real intent of the NY suit was to dismantle the NRA so it's good if the TX move won't defend against that. I also think the article said the move could reduce the damages but not remove them entirely.

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